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Live: Oil tumbles and stock market futures rally on Iran strike suspension
US President Donald Trump announced a two-week ceasefire, as the clock counted down and markets braced for his Iran deadline.
ASX and US stock market futures are higher on the news, while Brent crude is down more than 5 per cent.
Follow the day's financial news and insights from our specialist business reporters on our live blog.
Citing Iran state media, Reuters said Iran's Supreme Security Council has submitted a 10-point proposal to the United States via Pakistan.
If both sides agree, Iran says talks will begin on Friday, April 10.
Israel's Kan public broadcaster says it is also comitted to a ceasefire with Iran.
Oil prices choppy after expletive-laden Trump threat to Iran
Oil prices saw choppy trading on Monday after US President Donald Trump threatened to destroy critical infrastructure in Iran unless it allows ships to cross the Strait of Hormuz.
In remarks, Trump said the US would attack power plants and bridges unless the two sides reach a deal by late Tuesday US time, repeating a threat he made over the weekend on social media.
Brent crude rose above $110 (£83.38) a barrel after that post, then eased after a report of US-Iran talks over a potential ceasefire.
Oil and gas shipments from the Middle East have been severely disrupted as Tehran threatens to attack vessels that try to use the strait in retaliation for US and Israeli airstrikes since 28 February.
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